Huaxin Securities·2025-05-06 07:17Investment Rating - The report maintains a "Buy" rating for several companies in the chemical industry, including Sinopec, PetroChina, and CNOOC, highlighting their high dividend characteristics [6][10]. Core Views - The report emphasizes the importance of focusing on import substitution, domestic demand, and high dividend assets as investment opportunities in the current market environment [6][8]. - It notes that the recent OPEC production cuts have led to a stabilization of international oil prices, with a projected average price of $70 per barrel in 2025 [6][8]. - The chemical industry is experiencing mixed performance, with some sectors like tires and lubricants showing better-than-expected results, while others remain weak due to overcapacity and weak demand [7][22]. Summary by Sections Industry Tracking - International oil prices have fluctuated, with WTI and Brent prices dropping by 7.51% and 8.34% respectively as of May 2 [6][23]. - The domestic gasoline and diesel prices have shown slight declines, reflecting cautious market sentiment amid uncertain tariff policies [24][25]. Price Movements - Significant price increases were observed in sulfuric acid (21.21%) and natural gas (12.74%), while synthetic ammonia saw a notable decline of 13.19% [20][21]. - The report highlights the mixed performance of chemical products, with some experiencing price rebounds while others continue to decline [22][7]. Investment Opportunities - The report suggests focusing on sectors benefiting from import substitution, such as lubricating oil additives and specialty coatings, due to rising domestic prices and difficulties in obtaining imports [8][22]. - It also points out the potential in the tire industry, which has shown resilience against tariff impacts, recommending companies like Senqcia and Sailun Tire [8][22]. Company Focus and Earnings Forecast - The report provides earnings forecasts for key companies, indicating a positive outlook for firms like Xinyangfeng and Ruifeng New Materials, with projected EPS growth [10][22]. - Companies with high dividend yields, such as the "three barrels of oil" (Sinopec, PetroChina, CNOOC), are highlighted as attractive investment options amid rising risk aversion [8][22].